Argus analyst John Staszak initiated Markel with a Hold rating, saying the company is expected to recover this year from the "substantial catastrophe losses" in 2017 while also benefiting from lower tax rates. The analyst adds that Markel enjoys a clean balance sheet, "ample" cash position, and continues its growth trends with acquisitions in insurance and non-insurance space. Staszak attributes his neutral stance to "full" valuation on Markel stock at 33.2-times expected FY18 EPS, which is close to the 34-times historical average but "well above" the 17.5-times average multiple for large insurers.